(1) This section applies to -
(a) redeemable shares issued after the coming into operation of this Part;
(b) shares which have been converted into redeemable shares pursuant to section 210; and
(c) shares which a company has agreed to purchase pursuant to section 213, 214 or 215.
(2) Without prejudice to any other right of the holder of any shares to which this section applies a company shall not be liable in damages in respect of any failure on its part to redeem or purchase any such shares.
(3) The court shall not grant an order for specific performance of the terms of redemption or purchase of the shares to which this section applies if the company shows that it is unable to meet the cost of redeeming or purchasing the shares out of profits available for distribution.
(4) Where at the commencement of the winding up of a company any shares to which this section applies have not been redeemed or purchased then, subject to subsections (5), (6) and (7), the terms of redemption or p